A Local Partnership Has Assets of Cash of $5,000 and a Building

question 3

Multiple Choice

A local partnership has assets of cash of $5,000 and a building worth $80,000.All liabilities have been paid and the partners are all insolvent.The partners capital accounts are as follows Harry $40,000,Landers $30,000 and Waters 15,000.The partners share profits and losses 4:4:2.If the building is sold for $50,000,how much cash will Waters receive in the final settlement?

• A)$5,000.
• B)$9,000.
• C)$18,000.
• D)$28,000.
• E)$55,000.

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